Heretofore, key holders have been of the retaining loop type or the like, so that when one key is in use, the remaining keys dangle and rattle, which may cause distraction while driving and which may scratch the automobile dashboard, door or trunk lid or a house door. In most key holders, selecting the desired key requires sorting through a number of keys, which can be difficult in the absence of adequate light and may be impossible if only one hand is free. Existing key holders are bulky and tend to wear out pockets, gouge the body and become unsightly when worn. In other enclosed key holders, usually made of leather and having multiple loops, only storage is provided; hence the user must snap the holder open, select the desired key, place it in a position of utilization and snap the holder closed, thereby requiring several separate and independent steps and the use of both hands. This type of holder dangles when one key is in use and often touches the knee annoyingly when dangling from the automobile ignition. In this type of holder, loops tend to wear out and become detached, while the case deteriorates and becomes unsightly. Prior art key holders which provide for key ejection have an undesirably large number of moving parts and require two-hand operation, as well as a light, with the ejector acting on the body of the key, thereby causing wear and eventual malfunctioning of the key. Also, these key holders are not compact and thus tend to present an unattractive appearance.